The phenomenon of play-to-earn and earn through NFT or token is tipped to be the growth engine. Gaming firms in India have begun exploring ways to incorporate non-fungible tokens (NFTs) in electronics sports (eSports) and games and also develop new games that will run on blockchains, to cash in on the massive interest in crypto and NFTs.
Blockchain gaming allows gamers to be rewarded with cryptocurrencies for playing, while NFTs are used to purchase digital items and real estate. An example of a successful blockchain game is Axie Infinity, which has millions of players worldwide.
Mainstream gaming firms such as JetSynthesys have started experimenting on how to leverage NFTs in games. Bengaluru-based Avisa Ventures’ gaming division, too, is working with game developers to create 2-3 blockchain-based games. It has launched an NFT Gaming Guild for NFT and blockchain-based games. The guild has initiated a play-to-earn competition on Axie Infinity to give gamers the chance to earn tokens that they can sell to other players.
In the eSports industry, NODWIN Gaming partnered with RageFan to offer chess NFTs in the Chess Super League (CSL) tournament held in October. RageFan is a blockchain-based platform that offers sports NFTs and fan tokens. NFTs were released by RageFan and will be available for purchase from their NFT marketplace shortly.
“India is possibly the largest gaming market in the world, because of the deep penetration of mobile phones and cheap data rates. With the Web3 paradigm of play-to-earn, where gamers can monetize their time and in-game achievements, this market is set to grow multifold in the coming years," said Arjun Kalsy, vice-president of growth at Polygon.
Kalsy has a point. Real money gaming and eSports have seen huge growth in India, especially after the pandemic. India’s online gaming industry is expected to grow at a compound annual growth rate (CAGR) of 40% to $2.8 billion by 2022, up from $1.1 billion in 2019, according to a 2021 report by Deloitte.
The phenomenon of play-to-earn and earn through NFT or token is going to be the next growth for the gaming industry. India’s crypto user base is the highest in the world. This is an opportunity for India to take leadership in the crypto space. People now value experience more. Web3 is the perfect combination of intrinsic rewards and experience. If your games can become more valuable economically it will make you spend more.
Though most companies are positive that NFT and blockchain-based games will see huge traction in India, many don’t want to rush things due to a lack of regulatory clarity on cryptos.
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